The Los Angeles Lakers will be sold to Los Angeles Dodgers owner Mark Walter at a $10 billion valuation, according to multiple outlets, marking the largest acquisition in sports history if the deal goes through.
Key Facts
- The Buss family has agreed to sell majority ownership of the Lakers to Walter, maintaining a 15% minority share for an unknown period of time, according to ESPN.
- Jeanie Buss, daughter of the late Jerry Buss, who has been the Lakers’ governor and controlling owner since 2017, will remain in her role as governor, ESPN added.
- The sale of the Lakers could later value the team at $12 billion, The Athletic reported, citing an unnamed source familiar with the negotiations.
- Walter, who purchased the Dodgers in 2012 for $2.15 billion, has been a Lakers stakeholder since 2021.
Crucial Quote
Lakers legend and Dodgers part-owner Magic Johnson said fans of the franchise should be “ecstatic,” lauding Walter and saying the billionaire “will put in the resources needed to win!”
Key Background
The Lakers, one of the most prolific franchises in all of sports, were purchased by Jerry Buss as part of a $67.5 million deal in 1979 that included the Los Angeles Kings and Los Angeles Forum. The Lakers have won 11 NBA championships since then, bringing its total to 17. Jeanie became the team’s controlling owner after her father’s death in 2013.
Forbes Valuation
Walter, 65, has an estimated net worth of $6.1 billion and amassed most of his wealth through investment firm Guggenheim Partners, which he helped found in the late 1990s. The investment firm purchased the Dodgers in 2012 and the team has since captured two World Series titles.
This article was originally published on forbes.com and all figures are in USD.
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